Zee Media Bureau
Gold prices dipped below Rs 29,000 level by falling Rs 281 to Rs 28,617 per ten grams in futures trade Wednesday as market participants offloaded their positions in tandem with a weakening trend overseas.
Continuous appreciation in rupee also weighed on bullion prices. The rupee today firmed up by 34 paise to close at eighth-month high of 60.14 against the dollar on sustained capital inflows.Read more on Gold Outlook
At the Multi Commodity Exchange (MCX), gold for delivery in April dropped by Rs 281 to Rs 28,617 per ten grams after moving in range of Rs 28,601 - Rs 29,050.
Gold in overseas markets, which normally set price trend on the domestic front, declined by over 0.5 percent today.
Spot gold last quoted down USD 7.40 or 0.56 percent at USD 1,305.30 per ounce after making a high and low of USD 1,318.20 and USD 1,300.50 in intra-day trade.
Meanwhile, gold extended losses for the third day by weakening Rs 270 to Rs 29,580 per ten grams at Delhi bullion market on reduced offtake and firming rupee against the dollar.
Silver also maintained a downward trend for the eight consecutive day by losing Rs 250 to Rs 43,950 per kg on sustained selling.Delhi
Gold of 99.9 and 99.5 percent purity plunged by Rs 270 each to Rs 29,580 and Rs 29,380 per ten grams, respectively. It had lost Rs 500 in last two days.
Sovereign followed suit and declined by Rs 100 to Rs 25,000 per piece of eight grams.
Silver ready dropped by Rs 250 to Rs 43,950 per kg and weekly-based delivery by Rs 220 to Rs 43,570 per kg. The white metal had lost Rs 3,000 in the previous seven sessions.
Silver coins also lost Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.International markets
Spot gold last quoted down USD 7.40 or 0.56 percent at USD 1,305.30 per ounce after making a high and low of USD 1,318.20 and USD 1,300.50 in intra-day trade.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 28,813 (-349) / SILVER: Rs 43,500 (-845)Delhi
GOLD: Rs 29,580 (-270) / SILVER: Rs 43,950 (-250)Chennai
GOLD: Rs 29,260/ SILVER: Rs 43,580Kolkata
GOLD: Rs 29,345/ SILVER: Rs 43,650Bangalore
GOLD: Rs 29,300/ SILVER: Rs 44,200Hyderabad
GOLD: Rs 29,500 / SILVER: Rs 44,400
First Published: Wednesday, March 26, 2014, 20:45